Air France-KLM : Tangible signs of a recovery but still penalised by high leverage
>Liquidity and debt maturity, work completed! - Thanks to a larger WCR effect than expected in Q2 (+€ 1.2bn, of which 70% from ticket sales and the rest from deferred tax payments and supplier negotiations), adjusted FCF was able to move back into positive territory for the first time since Q2 2019. Air France-KLM thus ended H1 with a very comfortable liquidity position of € 10.2bn, including the recent € 0.8bn bond issue. If we assume that a large share of the WCR re...Air France-KLM is a holding company. Through its subsidiaries, Co. is engaged in transporting passengers and cargo, aeronautics maintenance and other air-transport related activities, including catering and charter services. Co. operates in six geographical regions: Metropolitan France; Europe (except France) and North Africa; Caribbean, French Guiana and Indian Ocean; Africa, Middle East; Americas, Polynesia; and Asia and New Caledonia. Co. organizes its business around the following four segments: Passenger, providing passenger transportation services on scheduled flights; Cargo, transporting freight on flights and selling cargo capacity to third parties; Maintenance, and Other activities.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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